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Past, Present, And Future: The Evolution Of The Covesting (COV) Utility Token

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As time passes by, any cryptocurrency project begins to show the market if it is able to live up to any disruptive potential or if continued stumbles and a misguided roadmap prove to be too much of a barrier in bringing any innovation to light. In worse cases, projects are abandoned when the industry experiences a difficult period or a downtrend.

In other cases, a token’s utility takes years to properly develop, so the time is instead used entirely for the value and perspective it provides. The end result in these situations is a coin like Covesting (COV), which started its life toward the conclusion of the last bull market, but due to the team behind the project staying consistent with their plan, the project today is active and continuing to evolve.

The example is notable in an industry where new projects are popping up by the day. Here is a deeper look at the complete evolution of the native COV utility token from its early beginnings to where it is today, along with a preview of what else is on the way for the cryptocurrency.

Past: COV Token Launch And Bringing Copy Trading To Crypto

The COV token was launched in late 2017 as an initial coin offering, allowing cryptocurrency enthusiasts to get early access to a utility token that would be utilized natively within a copy trading module to be released at a later date. The plan for the copy trading module was ambitious and would connect followers with strategy managers and include a global leaderboard system.

The token sale sold out almost immediately, highlighting the demand for cryptocurrencies with innovation at the time. Within months, Bitcoin and Ethereum suffered a dramatic collapse and took the wings out from beneath the industry and put the brakes on innovative projects across the space. Interest in all projects waned for a period.

Covesting, a Europe-based fintech software developer, sought and received among the first DLT licenses at the time. The license restricted specific business models that were crucial to the copy trading experience. As an alternative solution, the company decided to develop its copy trading software as a third-party module available for partners to license.

The business model proved to be the right decision, as it allowed more development time and to pair the copy trading module with the right business partner to make its debut. In early 2020, the copy trading module left its beta phase and was introduced to the world for the first time. The initial setup first arrived without any COV token integration, but the Covesting team later introduced support for the COV token at a later date which is live today.

Present: Covesting Copy Trading And COV Token Utilities

Covesting is a peer-to-peer copy trading community that connects followers with strategy managers through a software module within the PrimeXBT dashboard. Covesting copy trading is currently available exclusively at the award-winning margin trading platform known for long and short positions on more than 50 different CFDs; however, B2B partnerships could always expand in the fast-paced crypto industry at a moment’s notice.

With a Covesting account, anyone can become a strategy manager if they feel they have the skills. The software itself and the transparent risk and success metrics that the global leaderboards provide keeps these strategy managers working hard and honest. It also allows followers to select a strategy manager that best suits any personal goals or risk appetite.

Followers can follow one or many strategies at any given time and can manage these positions similarly to margin trading positions with stop loss or take profit orders. The module will allow any trades the strategy manager makes to be automatically copied by their followers at large. If successful, followers will get a share of the profits. The strategy manager also receives a cut to keep them incentivized and actively trading.

Strategy managers will, in turn, be able to grow capital much faster and tap into new revenue streams. At the same time, followers who might not survive in markets otherwise can now earn profits from those with more experience. They then must compete with other strategy managers to rise the ranks of the fully transparent global leaderboards or obtain all five stars – each with unique risk, success, turnover, or margin parameters.

The Covesting (COV) token is the native cryptocurrency to the copy trading module, launched initially as an ERC-20 token. Covesting developers have since released a bridge to Binance Smart Chain for greater cross-chain flexibility, and so users can take advantage of the various protocols and decentralized applications unique to each blockchain.

The native utility token was launched with a maximum total supply of 20,000,000 COV, making it more scarce than BTC. Deflationary tokenimics diminish the token supply further through systematic token burns initiated by Covesting developers. More than 660,000 COV have been burned via these methods.

Users can keep track of the supply and other various metrics related to the COV token in the My COV section of Covesting on PrimeXBT. In addition, this section of the PrimeXBT dashboard is where COV token holders can begin to access the utilities the token provides when combined with the Covesting copy trading module.

COV Stacking

There is also a section dedicated to COV token staking in the same My COV part of the PrimeXBT dashboard. COV staking is how users unlock any account-level utilities within the copy trading module. The larger the number of COV tokens locked up, the greater the amount of utilities are enabled for the token holder.

By staking COV tokens, users can turn a standard account into a Premium, Advanced, or Elite account on PrimeXBT. All three levels each eliminate the 1% new following fee, while the rest of the features differ level by level.

For example, at the Premium level, followers increase their profit share by 2%. Strategy managers get a trading fee discount of 10%, and there is a 2x increase in follower limits. At the Advanced level, the profit share for followers increases to 3%, and strategy managers get a discount of 20% instead. Their follower limits also triple.

Finally, the Elite level offers the most value and utility with a 5% profit share increase to followers, a 30% trading fee discount, and no follower limit whatsoever. Without any cap on followers, the potential for revenue is as significant as the scope of one’s reach.

Accessing COV tokens for purchase can be done via KuCoin, Uniswap, or directly through the PrimeXBT dashboard via the Exchange tool. This is a relatively new feature that lets users swap one type of cryptocurrency for another, including any of the base account margin currencies available on PrimeXBT. Although the list of currencies includes USDT and USDC, COV is only available to exchange through the COV/BTC and COV/ETH trading pairs.

Future: What Is In Store From Covesting And For COV

The Covesting development team always seems to have something cooking, whether it is updates to the copy trading module, enhanced tokenomics for COV, or something entirely new. Earlier in the year, they revealed an upcoming tool that will increase the utility of the COV token further. This tool is referred to as Covesting Yield Accounts.

The Covesting Yield Account system is located within the Covesting section of the PrimeXBT dashboard alongside the copy trading module, COV staking, supply stats, and more. The new tool offers cryptocurrency holders as much as 35% APY on their idle crypto tokens held on PrimeXBT.

Everyone at this point has heard of DeFi. Among the most popular ways, this new sector of cryptocurrencies makes token holders money is through variable yields paid out as crypto rewards. Different DeFi protocols have unique ways of achieving this, but the most popular example recently is perhaps how it works with automated market-making platforms like Uniswap and PancakeSwap.

On centralized cryptocurrency exchanges, the exchange itself supplies liquidity for users to tap into. However, users provide liquidity by staking tokens in a smart contract with decentralized exchanges or automated market maker platforms. By locking up tokens, there is enough liquidity within trading pairs to facilitate market activity.

An exchange would typically earn revenue based on this business model made in fees. Since there is no company involved, the DeFi protocol pays rewards to users offering liquidity as an incentive to do so. When demand is high, the interest rates paid are also the highest. That is why interest rates are variable in DeFi in most cases.

The concept behind how this all works is clear, but connecting wallets to the blockchain and decentralized applications to move and stake coins can be confusing and downright dangerous for those that don’t know how.

However, Covesting will debut the Covesting Yield Account system in Q3 2021, which will allow a user-friendly and straightforward connection to top DeFi protocols such as Uniswap or PancakeSwap, but without the technical expertise that is usually required. The Covesting Yield Account system dashboard does the connecting for you right within the PrimeXBT dashboard.

By utilizing the tool, users can much more easily tap into the industry’s best variable APY rates that DeFi has to offer. This is also where the most recently announced COV token utility was revealed to have an impact. According to the company blog, COV token staking can unlock an additional utility of as much as a 2x APY boost within Covesting Yield Accounts. Users can also sign up now for a 1% introductory boost for joining an active waitlist within the Covesting Yield Account section in the PrimeXBT dashboard.

The Next Evolution For Covesting And COV

Where the COV token goes next could ultimately be determined by where the cryptocurrency industry innovates next. When the COV token was first conceptualized, DeFi was barely a thought, yet today the utility token has evolved to include even the most recent crypto industry trends.

In the future, regardless of which direction things head and which features are introduced to the COV token for additional utilities, given the track record of creating an interesting value proposition for token holders, whatever is to come will be a welcome addition to the world of finance.

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What is Fuelling the Rally in DigiByte Cryptocurrency?

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The DigiByte ecosystem is built with an emphasis on speed and security, which are often identified as limitations on different blockchains. DGB uses a proof of work algorithm to validate and complete a transaction.

With a strong price action witnessed on DGB, we can expect it to reach 10 cents valuations shortly. The current DGB price is facing some resistance from its 100 DMA that has coincided with the wicks on daily chart candles.

DigiByte Price Analysis

One day chart with Support Levels, Resistance, Moving Average, and MACD indicator

DigiByte has an active support range at $0.0500 levels on the immediate downside and resistance at $0.0791 levels. In order to remain in trend there needs to be some profit booking or consolidation, straight-line upside momentum often carries the risk of sudden profit booking induced by some new development.

DGB is for now trading in a bullish zone with immense buying interest. The MACD indicator shows chances of the rally to continue without consolidating but, DGB should halt its rate of progression in between to continue with the upside movement. Its 100 DMA comes out at around $0.06252 levels.

One hour chart with Support Levels, Bollinger, and MACD indicator

DGB shows an immense increase in volumes over the last few hours indicating increased participation from buyers and sellers of this cryptocurrency. As MACD is nose-diving towards the red zone we expect some retracement from current levels and a second attempt at breaking the recent high created at $0.066 levels based on our DigiByte forecast.

Support on hourly charts comes out to be at $0.0579 with Bollinger Bands hitting newfound volatility. The widening of Bollinger bands indicates scope for higher volatility and continuation of the upside movement. For now, DGB seems to have taken support from the lower end of the mean average line and faces some turbulence at the mean average line indicated by red.

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TRON Negates the Fall in Valuation with Strong Buying!

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TRON has climbed huge mountains after its release in 2017 and has posted over 17650% of gains from its launch value in 2017 to September 2021. The value of TRX has undergone a huge change from $0.0022 levels to the current value of $0.9265 levels. TRON currently ranks amongst the top 30 cryptocurrencies with a market capitalization of over $6 billion with a circulating supply of 71 billion coins.

The value of Tron is straight forward a derivative of its exposed circulating supply and its potential. Comparing the numbers, TRON can process 2000 transactions per second compared to just six transactions per second of Bitcoin and 25 of Ethereum. Just comparing the numbers gives the transactional capability of TRX and its upscaling potential.

TRON has mostly focused on content creators and has used TRX coin as a way of rewarding content creators through its rewards. It even allows creators to develop their tokens and decentralize the gaming sector. Positioning itself as a content creator supporting ecosystem has enabled creators to connect directly with potential customers, eliminating centralized platforms. Considering the upscaling potential of Tron, people interested in investing here should hold their positions.

TRON Price Analysis

TRON retraced most of its lost value within a short time interval and is headed back towards $0.11 targets with a furious buying sentiment.

TRON Price Analysis

TRON underwent a surprise fall in its value within a concise time interval. The fall was responded with a huge buying action, almost equaling the selling volume on September 07 in the following day. TRON has once again jumped back to $0.0933. Surpassing the support zone will push the TRX price towards the close resistance of $0.11.

RSI levels have also jumped towards 52 from a steep decline, but the major uncertainty in sustaining the gains. If sellers activate their trades, we will witness a significant fall to the tune of its 100 DMA levels. As of now, TRON can be seen respecting its 200 DMA level of $0.08254. It is attempting a fresh price breakout but is more likely to close in an uncertain candle with wicks on both ends.

TRON price prediction

Hourly charts show consolidation as a large part of the trading action on TRX. It consolidates in a narrow range before giving a breakout and again consolidates within a narrow range. This price action is continuing, and there is a high probability of another breakout towards $0.100 levels. MACD on hourly trades has become positive again, and so has the RSI levels. RSI is now trading at above 50 levels. Combining all these indications and our TRX coin price prediction, one should hold their investments.

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MATIC: Can It Become the Bridge of Interoperability

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Polygon MATIC intends to resolve the problems of the Ethereum network to promote better incorporation of blockchain technology. Polygon came into play as Ethereum transaction fees increased to a level that started to affect scalability.

Polygon has also started to develop its network to support the Ethereum Defi Ecosystem. Another positive news coming in the Polygon counter is Mark Cuban’s unrevealed investment in Indian cryptocurrency, MATIC. This investment news at a time when all crypto counters are witnessing consolidation of profit booking has the potential to fuel another bull run MATIC.

In our MATIC price analysis, we have covered the technical chart and possible breakout zones, as this news can also cause a profit-booking by some. The only trouble to MATIC’s bull run could be ETH 2.0 scalability solutions launch. We know MATIC is working on building layer 2 solutions on the Ethereum network, hence it will be an interesting aspect to decide the future of MATIC.

Could MATIC Win the Ethereum Scaling Race?

Listing of the MATIC token on the Coinbase crypto trading platform has been a ground-moving reason for this cryptocurrency. The MATIC token is used as a transaction fee on all the dapps built using a polygon.

Polygon (MATIC) is currently emphasizing sustainable NFTs with the latest integration. Its Proof of stake mechanism offers better energy efficiency as compared to the Proof of work mechanism used by Ethereum. By moving the NFT transactions away from the main blockchain of Ethereum, Polygon is creating a sustainable market of itself.

The growth lead of Polygon even mentioned the prospects behind incorporating NFT as their blockchain network. Polygon joined the Polkastarter council on May 27, 2021, which is an independent authority that works on the selection process of Polkastarter IDOs. This can be a revolutionary event in scaling the value of the MATIC.

What does the Future Hold for the MATIC?

MATIC has a fixed token supply, a low market capitalization, and works on a network that is increasing its reach are some of the factors fueling further boost in this token. As of now, this cryptocurrency has become the 12th largest digital asset.

MATIC has moved up from the lows of $0.68 on 1st May to $2.89 on 19th May. The volatility of every cryptocurrency is the result of major profit booking and coin dumping. But even so, how does the MATIC coin price prediction fare with the expectation of the crypto-enthusiasts.

MATIC coin price prediction

MATIC price is currently trading well above all its important moving averages. There is a significant movement, which has pushed this coin over the $2 range twice. Currently, the price action is respecting its 30-day moving average. This cryptocurrency has been trading well above its important moving averages. Even in the short term support level of 30 days moving average.

If it fails to take support from its 7 days moving average, the prices could plummet to the $1.3 range. Although given its price action, such a level would be a good buying range. In the long run this coin seems positive as it is respecting the important levels.

MATIC News

Polygon Matic has been witnessing some stiff resistance near its all-time high. Earlier on May 19, the MATIC price fell from the same range during the profit booking session across the crypto market. MATIC coin, however, rebounded from just below $1 valuational to reclaim its previous high.

As evident from the chart patterns, the $2.45 levels will be instrumental for this crypto to reach new heights. There seems to be a support building near its last resistance levels, but any sell-off can push this coin back to the $0.80 range.

RSI indicator is also closing the oversold zones, indicating some weakness in the short term. A rebound from these levels can push MATIC to battle the stiff resistance around $2.45 and test its all-time high.

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